Attached files
| file | filename |
|---|---|
| 8-K - 8-K - HarborOne Bancorp, Inc. | hone-20170127x8k.htm |
Exhibit 99.1
HarborOne Bancorp, Inc. Announces Fourth Quarter and Year to Date 2016 Earnings
Contact: Joseph F. Casey, EVP, COO, CFO
Brockton, Massachusetts (January 27, 2017): HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), announced 2016 fourth quarter net income of $2.9 million or $0.09 per share as compared to $3.6 million, or $0.11 per share in the prior quarter and net income of $1.5 million in the same quarter last year.
Net income for the full year was $5.9 million as compared to $5.8 million in the prior year. Merrimack Mortgage Company, LLC (“Merrimack”), the Bank’s mortgage company subsidiary, was acquired on July 1, 2015. The 2016 full year results include a pre-tax contribution of $4.8 million to fund the HarborOne Foundation (the “Foundation”). Excluding this contribution expense, net income would have been $8.8 million.
James Blake, President and CEO stated, “We focused our efforts on prudent growth in 2016, with our successful IPO providing capital to execute our strategy, primarily through commercial real estate and commercial loan originations. We are well positioned to continue this momentum into the new year as we evaluate further opportunities to grow our customer base and look forward to celebrating our 100th year in 2017.”
Net Interest Income
The Company’s net interest income was $16.6 million for the quarter ended December 31, 2016, up $653,000, or 4.1% from $15.9 million for the quarter ended September 30, 2016 and up $2.7 million, or 19.2%, from $13.9 million for the quarter ended December 31, 2015. The interest rate spread and net interest margin on a tax-equivalent basis were 2.77% and 2.92%, respectively, for the quarter ended December 31, 2016 compared to 2.78% and 2.93%, respectively, for the quarter ended September 30, 2016 and 2.62% and 2.72%, respectively, for the quarter ended December 31, 2015. The increase in spread and margin over the fourth quarter 2015 were primarily due to commercial real estate loan growth and lower funding costs.
Total interest and dividend income was $20.0 million for the quarter ended December 31, 2016, up $887,000, or 4.6%, from the quarter ended September 30, 2016 and up $2.6 million, or 15.0%, from the quarter ended December 31, 2015. The increase over the prior year quarter is primarily due to growth in the Company’s average loan balances to $2.055 billion from $1.797 billion and increases in the yield on loans to 3.65% from 3.55%. Total interest expense increased to $3.5 million for the quarter ended December 31, 2016, up $234,000, or 7.2%, from the quarter ended September 30, 2016 and down $57,000, or 1.6%, from the quarter ended December 31, 2015. The increase from the prior quarter is primarily due to an increase in average interest-bearing liabilities and an increase in the deposit interest rate partially offset by a decrease in FHLB borrowing interest rate. The decrease from the prior year quarter is primarily due to the decreased cost of the FHLB borrowings. The Company’s yield on interest-earning assets on a tax-equivalent basis increased to 3.54% for the quarter ended December 31, 2016 from 3.53% for the quarter ended September 30, 2016 and 3.42% for the quarter ended December 31, 2015, while the cost of funds was 0.77% for the quarter ended December 31, 2016 compared to 0.75% for the quarter ended September 30, 2016 and 0.80% for the quarter ended December 31, 2015.
Noninterest Income
Noninterest income decreased to $19.3 million for the quarter ended December 31, 2016, down $1.6 million, or 7.6%, from the quarter ended September 30, 2016 and up $6.3 million, or 48.7% from the quarter ended December 31, 2015. The 2016 low interest rate environment has encouraged robust residential mortgage origination activity with some seasonal slowdown in the fourth quarter. Mortgage banking income was $15.4 million for the quarter ended December 31, 2016, down $1.5 million, or 8.8%, from $16.9 million for the quarter ended September 30, 2016 and up $6.1 million, or 66.4%, from $9.2 million for the quarter ended December 31, 2015 as a result of increased mortgage loan origination and sales volume. The fair value of mortgage servicing rights increased $3.0 million in the fourth quarter of 2016 compared to increases of $351,000 in the third quarter of 2016 and $536,000 in the fourth quarter of 2015 as interest rates increased at the end of the 2016.
Noninterest Expense
Noninterest expenses were $29.4 million for the quarter ended December 31, 2016, a decrease of $246,000, or 0.8%, from the quarter ended September 30, 2016 and an increase of $4.9 million, or 20.1%, from the quarter ended December 31, 2015. Compensation and benefits expense was $18.6 million for the quarter ended December 31, 2016 down $286,000, or 1.5%, from $18.9 million for the quarter ended September 30, 2016 and up $3.3 million, or 21.4%, from $15.3 million for the quarter ended December 31, 2015. The 2016 quarter over the 2015 quarter increase primarily reflects increased commission expense consistent with the mortgage origination volume, employee stock option plan (“ESOP”) expense related to the establishment of the ESOP as part of the stock offering and increased compensation and incentive expenses related to Merrimack and commercial lending staff. Loan expense was $2.7 million for the quarter ended December 31, 2016, down $606,000, or 18.3%, from $3.3 million for the quarter ended September 30, 2016 and up $1.2 million, or 75.4%, from $1.5 million for the quarter ended December 31, 2015. The increase over the prior year quarter is due to the increased mortgage loan origination volume which decreased slightly in the fourth quarter compared to the third quarter of 2016.
Asset Quality
The Company’s provision for loan losses was $1.5 million for the quarter ended December 31, 2016, $1.7 million for the quarter ended September 30, 2016 and $15,000 for the quarter ended December 31, 2015. The increase in 2016 is primarily due to commercial loan growth. Changes in the provision for loan losses are also based on management’s assessment of loan portfolio growth and composition changes, historical charge-off trends, and ongoing evaluation of credit quality and current economic conditions. The allowance for loan losses was $17.0 million or 0.85% of total loans at December 31, 2016, compared to $15.8 million, or 0.82% of total loans, at September 30, 2016 and $13.7 million, or 0.79% of total loans, at December 31, 2015. Net charge-offs totaled $320,000 for the quarter ended December 31, 2016, or 0.06% of average loans outstanding on an annualized basis, compared to $317,000 and 0.07% for the quarter ended September 30, 2016 and $318,000 and 0.07% for the quarter ended December 31, 2015.
Nonperforming assets were $22.9 million at December 31, 2016 compared to $26.0 million at September 30, 2016 and $31.8 million at December 31, 2015. Nonperforming assets as a percentage of total assets were 0.94% at December 31, 2016, 1.11% at September 30, 2016 and 1.47% at December 31, 2015. The reductions reflect the Company’s continued efforts to minimize nonperforming assets through diligent collection efforts and prudent workout arrangements.
Balance Sheet
Total assets increased $101.2 million, or 4.3%, to $2.448 billion at December 31, 2016 from $2.347 billion at September 30, 2016. Net loans increased $76.9 million, or 4.0%, to $1.982 billion at December 31, 2016 from $1.905 billion at September 30, 2016. The net increase in loans for the three months ended December 31, 2016 was primarily due to increases of $44.9 million in commercial real estate loans, $18.0 million in construction loans, $11.8 million in commercial and industrial loans and $7.2 in consumer loans, partially offset by a decrease of $3.5 million in residential real estate loans. Mortgage loans held for sale decreased $27.6 million, or 24.2%, to $86.4 million at December 31, 2016 from $114.1 million at September 30, 2016 due to the seasonal decrease in residential mortgage originations. Cash and cash equivalents increased $30.9 million, or 160.8%, to $50.2 million at December 31, 2016 from $19.3 million at September 30, 2016.
Total deposits increased $69.8 million, or 4.0%, to $1.805 billion at December 31, 2016 from $1.735 billion at September 30, 2016. Compared to the prior quarter brokered deposits increased $33.8 million, term certificate accounts increased $30.2 million and non-certificate accounts increased $5.8 million. Borrowings increased $30.0 million, or 12.2%, to $275.1 million at December 31, 2016 from $245.1 million at September 30, 2016, due to an increase in FHLB short-term borrowings in anticipation of January 2017 commercial loan closings.
Total stockholders’ equity was $329.4 million at December 31, 2016 compared to $327.9 million at September 30, 2016 and $190.7 million at December 31, 2015. The increase from 2015 reflects the Company’s mutual to stock conversion that was completed on June 29, 2016. As part of the conversion, the Company established an ESOP which acquired 8% of the shares issued in the conversion, including shares contributed to the Foundation. The $11.3 million related to the ESOP is shown as a reduction to stockholders’ equity on the consolidated balance sheet. The tangible common equity to tangible assets ratio decreased to 12.97% at December 31, 2016 from 13.47% at September 30, 2016. At December 31, 2016, the Company and the Bank exceed all regulatory capital requirements.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, Rhode Island, a residential lending office in Westford, Massachusetts, and 13 free-standing ATMs. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. Merrimack Mortgage Company, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with 34 offices in Massachusetts, New Hampshire and Maine, and also does business in seven additional states.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the
Company’s loans; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Company’s Registration Statement on Form S-1 and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.
Use of Non-GAAP Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of tangible common equity to tangible assets ratio, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
HarborOne Bancorp, Inc.
Consolidated Balance Sheet Trend
(Unaudited)
|
|
|
December 31, |
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September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||
|
(Dollars in thousands) |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2015 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
16,464 |
|
$ |
15,706 |
|
$ |
18,773 |
|
$ |
15,268 |
|
$ |
18,153 |
|
Short-term investments |
|
|
33,751 |
|
|
3,549 |
|
|
11,365 |
|
|
98,991 |
|
|
22,499 |
|
Total cash and cash equivalents |
|
|
50,215 |
|
|
19,255 |
|
|
30,138 |
|
|
114,259 |
|
|
40,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale, at fair value |
|
|
136,469 |
|
|
115,397 |
|
|
121,957 |
|
|
120,905 |
|
|
128,541 |
|
Securities held to maturity, at amortized cost |
|
|
47,877 |
|
|
49,213 |
|
|
50,504 |
|
|
62,461 |
|
|
63,579 |
|
Federal Home Loan Bank stock, at cost |
|
|
15,749 |
|
|
15,255 |
|
|
13,078 |
|
|
17,480 |
|
|
18,735 |
|
Mortgage loans held for sale, at fair value |
|
|
86,443 |
|
|
114,054 |
|
|
99,697 |
|
|
67,592 |
|
|
63,797 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
|
770,935 |
|
|
774,404 |
|
|
773,169 |
|
|
777,034 |
|
|
810,343 |
|
Commercial real estate |
|
|
495,801 |
|
|
450,945 |
|
|
377,386 |
|
|
300,880 |
|
|
265,482 |
|
Construction |
|
|
58,443 |
|
|
40,438 |
|
|
31,414 |
|
|
41,227 |
|
|
35,830 |
|
Total mortgage loans on real estate |
|
|
1,325,179 |
|
|
1,265,787 |
|
|
1,181,969 |
|
|
1,119,141 |
|
|
1,111,655 |
|
Commercial |
|
|
100,501 |
|
|
88,718 |
|
|
82,333 |
|
|
78,666 |
|
|
70,472 |
|
Consumer |
|
|
563,104 |
|
|
555,874 |
|
|
560,144 |
|
|
544,078 |
|
|
548,944 |
|
Loans |
|
|
1,988,784 |
|
|
1,910,379 |
|
|
1,824,446 |
|
|
1,741,885 |
|
|
1,731,071 |
|
Less: Allowance for loan losses |
|
|
(16,968) |
|
|
(15,832) |
|
|
(14,439) |
|
|
(13,696) |
|
|
(13,700) |
|
Net deferred loan costs |
|
|
9,931 |
|
|
10,336 |
|
|
10,893 |
|
|
11,357 |
|
|
12,017 |
|
Net loans |
|
|
1,981,747 |
|
|
1,904,883 |
|
|
1,820,900 |
|
|
1,739,546 |
|
|
1,729,388 |
|
Mortgage servicing rights, at fair value |
|
|
20,333 |
|
|
15,534 |
|
|
12,688 |
|
|
12,330 |
|
|
12,958 |
|
Goodwill and other intangible assets |
|
|
13,585 |
|
|
13,607 |
|
|
13,630 |
|
|
13,651 |
|
|
13,674 |
|
Other assets |
|
|
95,892 |
|
|
99,935 |
|
|
104,166 |
|
|
96,544 |
|
|
91,818 |
|
Total assets |
|
$ |
2,448,310 |
|
$ |
2,347,133 |
|
$ |
2,266,758 |
|
$ |
2,244,768 |
|
$ |
2,163,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and demand deposit accounts |
|
$ |
365,869 |
|
$ |
358,628 |
|
$ |
339,379 |
|
$ |
331,709 |
|
$ |
320,717 |
|
Regular savings and club accounts |
|
|
316,947 |
|
|
317,198 |
|
|
316,195 |
|
|
312,362 |
|
|
295,533 |
|
Money market deposit accounts |
|
|
595,211 |
|
|
596,377 |
|
|
620,974 |
|
|
651,503 |
|
|
612,370 |
|
Brokered deposits |
|
|
54,045 |
|
|
20,236 |
|
|
— |
|
|
— |
|
|
— |
|
Term certificate accounts |
|
|
472,681 |
|
|
442,472 |
|
|
433,685 |
|
|
456,136 |
|
|
462,592 |
|
Total deposits |
|
|
1,804,753 |
|
|
1,734,911 |
|
|
1,710,234 |
|
|
1,751,711 |
|
|
1,691,212 |
|
Short-term borrowed funds |
|
|
80,000 |
|
|
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
Long-term borrowed funds |
|
|
195,119 |
|
|
195,120 |
|
|
195,096 |
|
|
269,597 |
|
|
249,598 |
|
Other liabilities and accrued expenses |
|
|
39,054 |
|
|
39,188 |
|
|
37,137 |
|
|
31,578 |
|
|
31,644 |
|
Total liabilities |
|
|
2,118,926 |
|
|
2,019,219 |
|
|
1,942,467 |
|
|
2,052,887 |
|
|
1,972,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
321 |
|
|
321 |
|
|
321 |
|
|
— |
|
|
— |
|
Additional paid-in capital |
|
|
144,420 |
|
|
144,175 |
|
|
144,107 |
|
|
— |
|
|
— |
|
Unearned compensation - ESOP |
|
|
(11,278) |
|
|
(11,575) |
|
|
(11,872) |
|
|
— |
|
|
— |
|
Retained earnings |
|
|
197,211 |
|
|
194,275 |
|
|
190,723 |
|
|
191,404 |
|
|
191,280 |
|
Accumulated other comprehensive income (loss) |
|
|
(1,290) |
|
|
718 |
|
|
1,011 |
|
|
477 |
|
|
(592) |
|
Total stockholders' equity |
|
|
329,384 |
|
|
327,914 |
|
|
324,290 |
|
|
191,881 |
|
|
190,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
2,448,310 |
|
$ |
2,347,133 |
|
$ |
2,266,758 |
|
$ |
2,244,768 |
|
$ |
2,163,142 |
HarborOne Bancorp, Inc.
Consolidated Statements of Net Income - Trend
(Unaudited)
|
|
|
Quarters Ended |
|||||||||||||
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||
|
(Dollars in thousands, except per share amounts) |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2015 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
18,092 |
|
$ |
17,144 |
|
$ |
16,293 |
|
$ |
15,643 |
|
$ |
15,460 |
|
Interest on loans held for sale |
|
|
788 |
|
|
866 |
|
|
581 |
|
|
460 |
|
|
615 |
|
Interest on securities |
|
|
1,002 |
|
|
988 |
|
|
1,023 |
|
|
1,099 |
|
|
1,179 |
|
Other interest and dividend income |
|
|
167 |
|
|
164 |
|
|
209 |
|
|
237 |
|
|
186 |
|
Total interest and dividend income |
|
|
20,049 |
|
|
19,162 |
|
|
18,106 |
|
|
17,439 |
|
|
17,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
2,283 |
|
|
2,092 |
|
|
2,165 |
|
|
2,170 |
|
|
2,201 |
|
Interest on borrowed funds |
|
|
1,211 |
|
|
1,168 |
|
|
1,289 |
|
|
1,383 |
|
|
1,350 |
|
Total interest expense |
|
|
3,494 |
|
|
3,260 |
|
|
3,454 |
|
|
3,553 |
|
|
3,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
|
16,555 |
|
|
15,902 |
|
|
14,652 |
|
|
13,886 |
|
|
13,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
1,456 |
|
|
1,710 |
|
|
801 |
|
|
205 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, after provision for loan losses |
|
|
15,099 |
|
|
14,192 |
|
|
13,851 |
|
|
13,681 |
|
|
13,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in mortgage servicing rights fair value |
|
|
2,970 |
|
|
351 |
|
|
(2,163) |
|
|
(2,288) |
|
|
536 |
|
Other |
|
|
12,404 |
|
|
16,513 |
|
|
13,837 |
|
|
9,376 |
|
|
8,702 |
|
Total mortgage banking income |
|
|
15,374 |
|
|
16,864 |
|
|
11,674 |
|
|
7,088 |
|
|
9,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account fees |
|
|
2,979 |
|
|
3,010 |
|
|
2,928 |
|
|
2,747 |
|
|
2,934 |
|
Income on retirement plan annuities |
|
|
111 |
|
|
111 |
|
|
108 |
|
|
106 |
|
|
108 |
|
Gain on sale of consumer loans |
|
|
— |
|
|
— |
|
|
29 |
|
|
50 |
|
|
— |
|
Gain on sale and call of securities, net |
|
|
— |
|
|
— |
|
|
41 |
|
|
242 |
|
|
— |
|
Bank-owned life insurance income |
|
|
263 |
|
|
275 |
|
|
274 |
|
|
276 |
|
|
264 |
|
Other income |
|
|
557 |
|
|
609 |
|
|
834 |
|
|
553 |
|
|
426 |
|
Total noninterest income |
|
|
19,284 |
|
|
20,869 |
|
|
15,888 |
|
|
11,062 |
|
|
12,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
18,616 |
|
|
18,902 |
|
|
16,407 |
|
|
15,518 |
|
|
15,332 |
|
Occupancy and equipment |
|
|
2,516 |
|
|
2,458 |
|
|
2,463 |
|
|
2,784 |
|
|
2,315 |
|
Data processing expenses |
|
|
1,557 |
|
|
1,450 |
|
|
1,446 |
|
|
1,414 |
|
|
1,362 |
|
Loan expense |
|
|
2,710 |
|
|
3,316 |
|
|
2,128 |
|
|
1,592 |
|
|
1,545 |
|
Marketing |
|
|
835 |
|
|
592 |
|
|
607 |
|
|
565 |
|
|
575 |
|
Professional fees |
|
|
822 |
|
|
709 |
|
|
602 |
|
|
577 |
|
|
653 |
|
Deposit insurance |
|
|
208 |
|
|
437 |
|
|
418 |
|
|
403 |
|
|
430 |
|
Prepayment penalties on Federal Home Loan Bank |
|
|
— |
|
|
— |
|
|
400 |
|
|
— |
|
|
280 |
|
Charitable foundation contributions |
|
|
— |
|
|
— |
|
|
4,820 |
|
|
— |
|
|
— |
|
Other expenses |
|
|
2,099 |
|
|
1,745 |
|
|
1,878 |
|
|
1,704 |
|
|
1,949 |
|
Total noninterest expenses |
|
|
29,363 |
|
|
29,609 |
|
|
31,169 |
|
|
24,557 |
|
|
24,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
5,020 |
|
|
5,452 |
|
|
(1,430) |
|
|
186 |
|
|
2,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
2,084 |
|
|
1,900 |
|
|
(749) |
|
|
62 |
|
|
860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,936 |
|
$ |
3,552 |
|
$ |
(681) |
|
$ |
124 |
|
$ |
1,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.09 |
|
$ |
0.11 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
30,973,588 |
|
|
30,943,808 |
|
|
N/A |
|
|
N/A |
|
|
N/A |
HarborOne Bancorp, Inc.
Consolidated Statements of Net Income
(Unaudited)
|
|
|
For the Years Ended December 31, |
|
|
|
|
|
|||||
|
(Dollars in thousands) |
|
2016 |
|
2015 |
|
$ Change |
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
67,172 |
|
$ |
59,988 |
|
$ |
7,184 |
|
12.0 |
% |
|
Interest on loans held for sale |
|
|
2,695 |
|
|
1,425 |
|
|
1,270 |
|
89.1 |
% |
|
Interest on securities |
|
|
4,112 |
|
|
4,802 |
|
|
(690) |
|
(14.4) |
% |
|
Other interest and dividend income |
|
|
777 |
|
|
585 |
|
|
192 |
|
32.8 |
% |
|
Total interest and dividend income |
|
|
74,756 |
|
|
66,800 |
|
|
7,956 |
|
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
8,710 |
|
|
8,700 |
|
|
10 |
|
0.1 |
% |
|
Interest on borrowed funds |
|
|
5,051 |
|
|
5,875 |
|
|
(824) |
|
(14.0) |
% |
|
Total interest expense |
|
|
13,761 |
|
|
14,575 |
|
|
(814) |
|
(5.6) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and dividend income |
|
|
60,995 |
|
|
52,225 |
|
|
8,770 |
|
16.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
4,172 |
|
|
1,257 |
|
|
2,915 |
|
231.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, after provision for loan losses |
|
|
56,823 |
|
|
50,968 |
|
|
5,855 |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in mortgage servicing rights fair value |
|
|
(1,130) |
|
|
(480) |
|
|
(650) |
|
(135.4) |
% |
|
Other |
|
|
52,129 |
|
|
20,710 |
|
|
31,419 |
|
151.7 |
% |
|
Total mortgage banking income |
|
|
50,999 |
|
|
20,230 |
|
|
30,769 |
|
152.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account fees |
|
|
11,664 |
|
|
11,194 |
|
|
470 |
|
4.2 |
% |
|
Income on retirement plan annuities |
|
|
436 |
|
|
595 |
|
|
(159) |
|
(26.7) |
% |
|
Gain on sale of consumer loans |
|
|
79 |
|
|
136 |
|
|
(57) |
|
(41.9) |
% |
|
Gain on sale and call of securities, net |
|
|
283 |
|
|
295 |
|
|
(12) |
|
(4.1) |
% |
|
Bank-owned life insurance income |
|
|
1,088 |
|
|
1,156 |
|
|
(68) |
|
(5.9) |
% |
|
Other income |
|
|
2,554 |
|
|
1,767 |
|
|
787 |
|
44.5 |
% |
|
Total noninterest income |
|
|
67,103 |
|
|
35,373 |
|
|
31,730 |
|
89.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
69,443 |
|
|
45,746 |
|
|
23,697 |
|
51.8 |
% |
|
Occupancy and equipment |
|
|
10,221 |
|
|
9,246 |
|
|
975 |
|
10.5 |
% |
|
Data processing expenses |
|
|
5,867 |
|
|
5,392 |
|
|
475 |
|
8.8 |
% |
|
Loan expense |
|
|
9,746 |
|
|
3,949 |
|
|
5,797 |
|
146.8 |
% |
|
Marketing |
|
|
2,599 |
|
|
1,924 |
|
|
675 |
|
35.1 |
% |
|
Professional fees |
|
|
2,710 |
|
|
2,181 |
|
|
529 |
|
24.3 |
% |
|
Deposit insurance |
|
|
1,466 |
|
|
1,716 |
|
|
(250) |
|
(14.6) |
% |
|
Prepayment penalties on Federal Home Loan Bank |
|
|
400 |
|
|
980 |
|
|
(580) |
|
(59.2) |
% |
|
Charitable foundation contributions |
|
|
4,820 |
|
|
— |
|
|
4,820 |
|
- |
% |
|
Other expenses |
|
|
7,426 |
|
|
6,880 |
|
|
546 |
|
7.9 |
% |
|
Total noninterest expenses |
|
|
114,698 |
|
|
78,014 |
|
|
36,684 |
|
47.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,228 |
|
|
8,327 |
|
|
901 |
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
3,297 |
|
|
2,559 |
|
|
738 |
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,931 |
|
$ |
5,768 |
|
$ |
163 |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HarborOne Bancorp, Inc.
Average Balances / Yields
(Unaudited)
|
|
|
Quarters Ended |
|
||||||||||||||||||||||
|
|
|
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
|
||||||||||||||||||
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
||||||
|
|
|
Outstanding |
|
|
|
Yield/ |
|
Outstanding |
|
|
|
Yield/ |
|
Outstanding |
|
|
|
Yield/ |
|
||||||
|
|
|
Balance |
|
Interest |
|
Cost (6) |
|
Balance |
|
Interest |
|
Cost (6) |
|
Balance |
|
Interest |
|
Cost (6) |
|
||||||
|
|
|
(Dollars in thousands) |
|
||||||||||||||||||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
2,055,444 |
|
$ |
18,880 |
|
3.65 |
% |
$ |
1,983,249 |
|
$ |
18,010 |
|
3.61 |
% |
$ |
1,796,749 |
|
$ |
16,075 |
|
3.55 |
% |
|
Investment securities (2) |
|
|
183,819 |
|
|
1,215 |
|
2.63 |
|
|
181,112 |
|
|
1,223 |
|
2.69 |
|
|
213,540 |
|
|
1,422 |
|
2.64 |
|
|
Other interest-earning assets |
|
|
23,578 |
|
|
31 |
|
0.52 |
|
|
3,734 |
|
|
6 |
|
0.61 |
|
|
23,478 |
|
|
22 |
|
0.37 |
|
|
Total interest-earning assets |
|
|
2,262,841 |
|
|
20,126 |
|
3.54 |
|
|
2,168,095 |
|
|
19,239 |
|
3.53 |
|
|
2,033,767 |
|
|
17,519 |
|
3.42 |
|
|
Noninterest-earning assets |
|
|
126,899 |
|
|
|
|
|
|
|
130,498 |
|
|
|
|
|
|
|
117,676 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,389,740 |
|
|
|
|
|
|
$ |
2,298,593 |
|
|
|
|
|
|
$ |
2,151,443 |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
319,166 |
|
$ |
142 |
|
0.18 |
% |
$ |
319,202 |
|
$ |
139 |
|
0.17 |
% |
$ |
292,203 |
|
$ |
127 |
|
0.17 |
% |
|
NOW accounts |
|
|
124,134 |
|
|
19 |
|
0.06 |
|
|
120,704 |
|
|
19 |
|
0.06 |
|
|
113,971 |
|
|
17 |
|
0.06 |
|
|
Money market accounts |
|
|
602,263 |
|
|
692 |
|
0.46 |
|
|
612,761 |
|
|
685 |
|
0.44 |
|
|
622,937 |
|
|
698 |
|
0.44 |
|
|
Certificates of deposit |
|
|
458,491 |
|
|
1,339 |
|
1.16 |
|
|
434,519 |
|
|
1,246 |
|
1.14 |
|
|
468,762 |
|
|
1,359 |
|
1.15 |
|
|
Brokered deposit |
|
|
39,689 |
|
|
91 |
|
0.92 |
|
|
549 |
|
|
3 |
|
2.17 |
|
|
— |
|
|
— |
|
— |
|
|
Total interest-bearing deposits |
|
|
1,543,743 |
|
|
2,283 |
|
0.59 |
|
|
1,487,735 |
|
|
2,092 |
|
0.56 |
|
|
1,497,873 |
|
|
2,201 |
|
0.58 |
|
|
FHLB advances |
|
|
257,568 |
|
|
1,211 |
|
1.87 |
|
|
232,587 |
|
|
1,168 |
|
2.00 |
|
|
254,497 |
|
|
1,350 |
|
2.10 |
|
|
Total interest-bearing liabilities |
|
|
1,801,311 |
|
|
3,494 |
|
0.77 |
|
|
1,720,322 |
|
|
3,260 |
|
0.75 |
|
|
1,752,370 |
|
|
3,551 |
|
0.80 |
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
227,918 |
|
|
|
|
|
|
|
217,930 |
|
|
|
|
|
|
|
182,813 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
31,055 |
|
|
|
|
|
|
|
32,888 |
|
|
|
|
|
|
|
23,174 |
|
|
|
|
|
|
|
Total liabilities |
|
|
2,060,284 |
|
|
|
|
|
|
|
1,971,140 |
|
|
|
|
|
|
|
1,958,357 |
|
|
|
|
|
|
|
Total equity |
|
|
329,456 |
|
|
|
|
|
|
|
327,453 |
|
|
|
|
|
|
|
193,086 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,389,740 |
|
|
|
|
|
|
$ |
2,298,593 |
|
|
|
|
|
|
$ |
2,151,443 |
|
|
|
|
|
|
|
Tax equivalent net interest income |
|
|
|
|
|
16,632 |
|
|
|
|
|
|
|
15,979 |
|
|
|
|
|
|
|
13,968 |
|
|
|
|
Tax equivalent interest rate spread (3) |
|
|
|
|
|
|
|
2.77 |
% |
|
|
|
|
|
|
2.78 |
% |
|
|
|
|
|
|
2.62 |
% |
|
Less: tax equivalent adjustment |
|
|
|
|
|
77 |
|
|
|
|
|
|
|
77 |
|
|
|
|
|
|
|
79 |
|
|
|
|
Net interest income as reported |
|
|
|
|
$ |
16,555 |
|
|
|
|
|
|
$ |
15,902 |
|
|
|
|
|
|
$ |
13,889 |
|
|
|
|
Net interest-earning assets (4) |
|
$ |
461,530 |
|
|
|
|
|
|
$ |
447,773 |
|
|
|
|
|
|
$ |
281,397 |
|
|
|
|
|
|
|
Net interest margin (5) |
|
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
2.71 |
% |
|
Tax equivalent effect |
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.01 |
|
|
Net interest margin on a fully tax equivalent basis |
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
|
2.72 |
% |
|
Average interest-earning assets to average interest-bearing liabilities |
|
|
126.62 |
% |
|
|
|
|
|
|
126.03 |
% |
|
|
|
|
|
|
116.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans. |
|
||||||||||||||||||||||||
|
(2) Includes securities available for sale, securities held to maturity and FHLB stock. Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented. The yield on investments before tax equivalent adjustments for the quarters presented were 2.46%, 2.52%, and 2.49%, respectively. |
|
||||||||||||||||||||||||
|
(3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest bearing liabilities. |
|
||||||||||||||||||||||||
|
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
|
||||||||||||||||||||||||
|
(5) Net interest margin represents net interest income divided by average total interest-earning assets. |
|
||||||||||||||||||||||||
|
(6) Annualized |
|
||||||||||||||||||||||||
HarborOne Bancorp, Inc.
Average Balances / Yields
(Unaudited)
|
|
|
Year to Date |
|
||||||||||||||
|
|
|
December 31, 2016 |
|
December 31, 2015 |
|
||||||||||||
|
|
|
Average |
|
|
|
|
|
Average |
|
|
|
|
|
||||
|
|
|
Outstanding |
|
|
|
Yield/ |
|
Outstanding |
|
|
|
Yield/ |
|
||||
|
|
|
Balance |
|
Interest |
|
Cost |
|
Balance |
|
Interest |
|
Cost |
|
||||
|
|
|
(Dollars in thousands) |
|
||||||||||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,931,271 |
|
$ |
69,867 |
|
3.62 |
% |
$ |
1,746,346 |
|
$ |
61,413 |
|
3.52 |
% |
|
Investment securities (2) |
|
|
189,472 |
|
|
5,045 |
|
2.66 |
|
|
229,296 |
|
|
5,606 |
|
2.44 |
|
|
Other interest-earning assets |
|
|
30,107 |
|
|
155 |
|
0.52 |
|
|
35,478 |
|
|
98 |
|
0.28 |
|
|
Total interest-earning assets |
|
|
2,150,850 |
|
|
75,067 |
|
3.49 |
|
|
2,011,120 |
|
|
67,117 |
|
3.34 |
|
|
Noninterest-earning assets |
|
|
127,721 |
|
|
|
|
|
|
|
110,501 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,278,571 |
|
|
|
|
|
|
$ |
2,121,621 |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
314,304 |
|
|
548 |
|
0.17 |
|
$ |
286,381 |
|
|
492 |
|
0.17 |
|
|
NOW accounts |
|
|
120,661 |
|
|
76 |
|
0.06 |
|
|
109,674 |
|
|
69 |
|
0.06 |
|
|
Money market accounts |
|
|
622,032 |
|
|
2,804 |
|
0.45 |
|
|
559,745 |
|
|
2,417 |
|
0.43 |
|
|
Certificates of deposit |
|
|
449,607 |
|
|
5,188 |
|
1.15 |
|
|
491,235 |
|
|
5,722 |
|
1.16 |
|
|
Brokered deposit |
|
|
10,114 |
|
|
94 |
|
0.93 |
|
|
— |
|
|
— |
|
— |
|
|
Total interest-bearing deposits |
|
|
1,516,718 |
|
|
8,710 |
|
0.57 |
|
|
1,447,035 |
|
|
8,700 |
|
0.60 |
|
|
FHLB advances |
|
|
248,678 |
|
|
5,051 |
|
2.03 |
|
|
296,016 |
|
|
5,875 |
|
1.98 |
|
|
Total interest-bearing liabilities |
|
|
1,765,396 |
|
|
13,761 |
|
0.78 |
|
|
1,743,051 |
|
|
14,575 |
|
0.84 |
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
221,212 |
|
|
|
|
|
|
|
167,517 |
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
29,855 |
|
|
|
|
|
|
|
21,596 |
|
|
|
|
|
|
|
Total liabilities |
|
|
2,016,463 |
|
|
|
|
|
|
|
1,932,164 |
|
|
|
|
|
|
|
Total equity |
|
|
262,108 |
|
|
|
|
|
|
|
189,457 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,278,571 |
|
|
|
|
|
|
$ |
2,121,621 |
|
|
|
|
|
|
|
Tax equivalent net interest income |
|
|
|
|
|
61,306 |
|
|
|
|
|
|
|
52,542 |
|
|
|
|
Tax equivalent interest rate spread (3) |
|
|
|
|
|
|
|
2.71 |
% |
|
|
|
|
|
|
2.50 |
% |
|
Less: tax equivalent adjustment |
|
|
|
|
|
311 |
|
|
|
|
|
|
|
317 |
|
|
|
|
Net interest income as reported |
|
|
|
|
$ |
60,995 |
|
|
|
|
|
|
$ |
52,225 |
|
|
|
|
Net interest-earning assets (4) |
|
$ |
385,454 |
|
|
|
|
|
|
$ |
268,069 |
|
|
|
|
|
|
|
Net interest margin (5) |
|
|
|
|
|
|
|
2.84 |
% |
|
|
|
|
|
|
2.60 |
% |
|
Tax equivalent effect |
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.01 |
|
|
Net interest margin on a fully tax equivalent basis |
|
|
|
|
|
|
|
2.85 |
% |
|
|
|
|
|
|
2.61 |
% |
|
Average interest-earning assets to average interest-bearing liabilities |
|
|
121.83 |
% |
|
|
|
|
|
|
115.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans. |
|
||||||||||||||||
|
(2) Includes securities available for sale, securities held to maturity and FHLB stock. Interest income from tax exempt securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented. The yield on investments before tax equivalent adjustments was 2.50% and 2.31% for the years ended December 31, 2016 and 2015, respectively. |
|
||||||||||||||||
|
(3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest bearing liabilities. |
|
||||||||||||||||
|
(4) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
|
||||||||||||||||
|
(5) Net interest margin represents net interest income divided by average total interest-earning assets. |
|
||||||||||||||||
HarborOne Bancorp, Inc.
Average Balances and Yield Trend
(Unaudited)
|
|
|
Average Balances - Trend - Quarters Ended |
|
|||||||||||||
|
|
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
December 31, 2015 |
|
|||||
|
|
|
(In thousands) |
|
|||||||||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
2,055,444 |
|
$ |
1,983,249 |
|
$ |
1,881,488 |
|
$ |
1,803,000 |
|
$ |
1,796,749 |
|
|
Investment securities (2) |
|
|
183,819 |
|
|
181,112 |
|
|
191,162 |
|
|
201,950 |
|
|
213,540 |
|
|
Other interest-earning assets |
|
|
23,578 |
|
|
3,734 |
|
|
33,826 |
|
|
59,649 |
|
|
23,478 |
|
|
Total interest-earning assets |
|
|
2,262,841 |
|
|
2,168,095 |
|
|
2,106,476 |
|
|
2,064,599 |
|
|
2,033,767 |
|
|
Noninterest-earning assets |
|
|
126,899 |
|
|
130,498 |
|
|
131,104 |
|
|
122,326 |
|
|
117,676 |
|
|
Total assets |
|
$ |
2,389,740 |
|
$ |
2,298,593 |
|
$ |
2,237,580 |
|
$ |
2,186,925 |
|
$ |
2,151,443 |
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
319,166 |
|
$ |
319,202 |
|
$ |
317,180 |
|
$ |
301,557 |
|
$ |
292,203 |
|
|
NOW accounts |
|
|
124,134 |
|
|
120,704 |
|
|
120,702 |
|
|
116,866 |
|
|
113,971 |
|
|
Money market accounts |
|
|
602,263 |
|
|
612,761 |
|
|
642,758 |
|
|
630,664 |
|
|
622,937 |
|
|
Certificates of deposit |
|
|
458,491 |
|
|
434,519 |
|
|
446,848 |
|
|
458,636 |
|
|
468,762 |
|
|
Brokered deposit |
|
|
39,689 |
|
|
549 |
|
|
— |
|
|
— |
|
|
— |
|
|
Total interest-bearing deposits |
|
|
1,543,743 |
|
|
1,487,735 |
|
|
1,527,488 |
|
|
1,507,723 |
|
|
1,497,873 |
|
|
FHLB advances |
|
|
257,568 |
|
|
232,587 |
|
|
239,245 |
|
|
265,392 |
|
|
254,497 |
|
|
Total interest-bearing liabilities |
|
|
1,801,311 |
|
|
1,720,322 |
|
|
1,766,733 |
|
|
1,773,115 |
|
|
1,752,370 |
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
227,918 |
|
|
217,930 |
|
|
244,651 |
|
|
191,942 |
|
|
182,813 |
|
|
Other noninterest-bearing liabilities |
|
|
31,055 |
|
|
32,888 |
|
|
28,887 |
|
|
29,114 |
|
|
23,174 |
|
|
Total liabilities |
|
|
2,060,284 |
|
|
1,971,140 |
|
|
2,040,271 |
|
|
1,994,171 |
|
|
1,958,357 |
|
|
Total equity |
|
|
329,456 |
|
|
327,453 |
|
|
197,309 |
|
|
192,754 |
|
|
193,086 |
|
|
Total liabilities and equity |
|
$ |
2,389,740 |
|
$ |
2,298,593 |
|
$ |
2,237,580 |
|
$ |
2,186,925 |
|
$ |
2,151,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Yield Trend - Quarters Ended |
|
|||||||||||||
|
|
|
December 31, 2016 |
|
September 30, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
December 31, 2015 |
|
|||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
3.65 |
% |
|
3.61 |
% |
|
3.61 |
% |
|
3.59 |
% |
|
3.55 |
% |
|
Investment securities (2) |
|
|
2.63 |
% |
|
2.69 |
% |
|
2.67 |
% |
|
2.67 |
% |
|
2.64 |
% |
|
Other interest-earning assets |
|
|
0.52 |
% |
|
0.61 |
% |
|
0.51 |
% |
|
0.51 |
% |
|
0.37 |
% |
|
Total interest-earning assets |
|
|
3.54 |
% |
|
3.53 |
% |
|
3.47 |
% |
|
3.41 |
% |
|
3.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.18 |
% |
|
0.17 |
% |
|
0.17 |
% |
|
0.17 |
% |
|
0.17 |
% |
|
NOW accounts |
|
|
0.06 |
% |
|
0.06 |
% |
|
0.06 |
% |
|
0.06 |
% |
|
0.06 |
% |
|
Money market accounts |
|
|
0.46 |
% |
|
0.44 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
0.44 |
% |
|
Certificates of deposit |
|
|
1.16 |
% |
|
1.14 |
% |
|
1.16 |
% |
|
1.16 |
% |
|
1.15 |
% |
|
Brokered deposit |
|
|
0.92 |
% |
|
2.17 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
Total interest-bearing deposits |
|
|
0.59 |
% |
|
0.56 |
% |
|
0.57 |
% |
|
0.58 |
% |
|
0.58 |
% |
|
FHLB advances |
|
|
1.87 |
% |
|
2.00 |
% |
|
2.17 |
% |
|
2.10 |
% |
|
2.10 |
% |
|
Total interest-bearing liabilities |
|
|
0.77 |
% |
|
0.75 |
% |
|
0.79 |
% |
|
0.81 |
% |
|
0.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans held for sale, nonaccruing loan balances and interest received on such loans. |
|
|||||||||||||||
|
(2) Includes securities available for sale, securities held to maturity and FHLB stock. |
|
|||||||||||||||
HarborOne Bancorp, Inc.
Selected Financial Highlights
(Unaudited)
|
|
|
Quarters Ended |
|
|||||||||||||
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|||||
|
Performance Ratios (annualized): |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2015 |
|
|||||
|
|
|
|
|
|||||||||||||
|
Return (loss) on average assets (ROAA) |
|
|
0.49 |
% |
|
0.62 |
% |
|
(0.12) |
% |
|
0.02 |
% |
|
0.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return (loss) on average equity (ROAE) |
|
|
3.56 |
% |
|
4.34 |
% |
|
(1.38) |
% |
|
0.26 |
% |
|
3.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (1) |
|
|
81.87 |
% |
|
80.46 |
% |
|
101.99 |
% |
|
98.34 |
% |
|
90.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents noninterest expense divided by the sum of net interest income and noninterest income |
|
|||||||||||||||
|
|
|
At or for the Quarters Ended |
|
|||||||||||||
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|||||
|
Asset Quality |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2015 |
|
|||||
|
(Dollars in thousands) |
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets |
|
$ |
22,946 |
|
$ |
25,992 |
|
$ |
27,770 |
|
$ |
29,661 |
|
$ |
31,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.94 |
% |
|
1.11 |
% |
|
1.23 |
% |
|
1.32 |
% |
|
1.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
|
0.85 |
% |
|
0.82 |
% |
|
0.79 |
% |
|
0.78 |
% |
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge offs |
|
$ |
320 |
|
$ |
317 |
|
$ |
58 |
|
$ |
209 |
|
$ |
318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net charge offs/average loans |
|
|
0.06 |
% |
|
0.07 |
% |
|
0.01 |
% |
|
0.05 |
% |
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to nonperforming loans |
|
|
80.12 |
% |
|
65.92 |
% |
|
55.52 |
% |
|
49.56 |
% |
|
46.46 |
% |
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|||||
|
Capital and Share Related |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
|
2015 |
|
|||||
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock outstanding |
|
|
32,120,880 |
|
|
32,120,880 |
|
|
32,120,880 |
|
|
N/A |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
10.25 |
|
$ |
10.21 |
|
$ |
10.10 |
|
|
N/A |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share (1) |
|
$ |
9.83 |
|
$ |
9.79 |
|
$ |
9.67 |
|
|
N/A |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity / tangible assets (2) |
|
|
12.97 |
% |
|
13.47 |
% |
|
13.79 |
% |
|
7.99 |
% |
|
8.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This non-GAAP ratio is total stockholders' equity less goodwill and other intangible assets divided by common stock outstanding. |
|
|||||||||||||||
|
(2) This non-GAAP ratio is total stockholders' equity less goodwill and other intangible assets to total assets less goodwill and other intangible assets. |
|
|||||||||||||||